Remittance Market 2022-2028
A New Market Study, Titled “Remittance Market Upcoming Trends, Growth Drivers and Challenges” has been featured on fusionmarketresearch.
Description
This global study of the Remittance Market offers an overview of the existing market trends, drivers, restrictions, and metrics and also offers a viewpoint for important segments. The report also tracks product and services demand growth forecasts for the market. There is also to the study approach a detailed segmental review. A regional study of the global Remittance industry is also carried out in North America, Latin America, Asia-Pacific, Europe, and the Near East & Africa. The report mentions growth parameters in the regional markets along with major players dominating the regional growth.
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Remittance is referred to as the money sent by immigrants to their families residing in their native countries. This market plays a vital role in the economic growth and livelihoods of people across the world. Remittance inflows in developing countries make a notable share in their GDPs. Remittance market is completely dependent on the migrated population living across the world.
The global inflow of remittances is expected to reach US$705.87 billion in 2028, witnessing a growth at a CAGR of 1.04%, over the period 2022-2028. The growth of the market has been driven by reduction in remittance costs, rising international migration, accelerating economic growth, improving youth unemployment rate, surging urbanization, increasing refugee population and rising disposable income. Growth of the market would be challenged by fluctuating remittance costs by region, de-risking practices and stringent government regulations. To overcome the challenges in the market, noteworthy trends like escalating remittance flows, growing demand for mobile payment transactions, surging options of sending money and high pressures to reduce remittance fees on MTOs are expected to boost the market in future.
The global remittance market is categorized on the basis of remittance inflows and remittance outflows by countries. Lower-middle income regions act as the major sources of remittance inflow whereas high income regions are usually the sources of remittance outflows. East Asia and Pacific acquired a lion’s share in global inflow of remittances. In terms of countries, India remained the largest remittance receiving country followed by China. Whereas, the U.S. persisted as the largest source of remittance outflow.
Fusion Market Research (FMR) has surveyed the Remittance manufacturers, suppliers, distributors and industry experts on this industry, involving the sales, revenue, demand, price change, product type, recent development and plan, industry trends, drivers, challenges, obstacles, and potential risks.
Competitor Analysis The report also provides analysis of leading market participants including: Key companies Remittance revenues in global market, 2017-2022 (Estimated), ($ millions) Key companies Remittance revenues share in global market, 2021 (%) Key companies Remittance sales in global market, 2017-2022 (Estimated), (MT) Key companies Remittance sales share in global market, 2021 (%) Further, the report presents profiles of competitors in the market, key players include:
- PayPal Holdings Inc
- The Western Union Company
- Euronet Worldwide, Inc
- MoneyGram International Inc.
- S. Bancorp
- Absa Group Limited
Scope of the Report: • The report provides a comprehensive analysis of the global remittance market with potential impact of COVID-19, segmented on the basis of remittance inflows and remittance outflows by countries. • The major regional markets (East Asia and Pacific, Europe and Central Asia, Latin America and the Caribbean, Middle East and North Africa and South Asia, Sub-Saharan Africa) have been analyzed. • The market dynamics such as growth drivers, market trends and challenges are analyzed in-depth. • The competitive landscape of the market, along with the company profiles of leading players (PayPal Holdings Inc., The Western Union Company, Euronet Worldwide, Inc., MoneyGram International Inc., U.S. Bancorp and Absa Group Limited) are also presented. Key Target Audience: • Remittance Service Providers • Money Transfer Systems • Remittance Corridors • End Users (Businesses/Consumers) • Investment Banks • Government Bodies & Regulating Authorities
Remittance Market Regional Analysis:
The report provides market size for all the segments and their categories for regions that include North America, Europe, Asia Pacific (APAC), Latin America and the Middle East & Africa (MEA). These regions are further bifurcated into major countries including the U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others. The report has analyzed both developed & developing regions considered for research of the Remittance market. To assist firms in developing effective development strategies, the regional analysis section provides a complete overview of the industry from a number of countries and regions.
Market segment by Region, regional analysis covers
- North America (United States, Canada and Mexico)
- Europe (Germany, France, United Kingdom, Russia, Italy, and Rest of Europe)
- Asia-Pacific (China, Japan, Korea, India, Southeast Asia, and Australia)
- South America (Brazil, Argentina, Colombia, and Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa, and Rest of Middle East & Africa)
Key Benefits of the Report:
- COVID-19 Impact Analysis (A completely separate Chapter)
- Remittance Market size in terms of revenue from 2016 to 2028
- Remittance Market size for each segment from 2016 to 2028, by Region
- Remittance Market Attractiveness Analysis for all the segments
- Remittance Market Drivers, Restraints, and Opportunities
- Regional Market Trends
- Value Chain Analysis
- Regulatory Landscape
- Technology Landscape
- PEST Analysis
- Porter’s Five Forces Analysis
- Competitive Landscape and Company Market Shares
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